Dow Breaks 13,000 for First Time Since 2008
Analysts are heralding the Dow Jones' jumps past 13,000 on two brief occasions Tuesday as a sign that all this talk of economic recovery may be more bull market than, well, bull. Here's hoping they're right.
Analysts are heralding the Dow Jones’ jumps past 13,000 on two brief occasions Tuesday as a sign that all this talk of economic recovery may be more bull market than, well, bull. Here’s hoping they’re right. –KA
Dig, Root, GrowLos Angeles Times:
The Dow Jones industrial average crested 13,000 points for the first time since before the financial crisis, but failed to reach the milestone at Tuesday’s close.
The blue chip index’s latest surge has been driven by a stream of evidence signaling that the U.S. economy is on the mend. The Dow has risen 20% since Oct. 3.
The Dow first closed above 13,000 in 2007, and reached a peak of 14,164.53 in October of that year. The market was then roiled by the collapse of Lehman Brothers as the financial crisis punished global stock markets.
“The fact that we’re hitting 13,000 means that the old high of Dow 14,200 is within reach,” said Tom Lee, chief U.S. equity strategist at J.P. Morgan. “I think more people are going to be talking about the fact that this is a significant bull market.”
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The three major indexes set more record highs than in 2018 and kept the longest bull market for stocks going.
The recent jubilance among economic forecasters is enough to make even weather forecasters blush. “Just look at the bull market! Look at home prices! Look at consumer confidence!” I can understand the jubilation in the narrow sense that we’ve been down so long everything looks up. But prophecies can’t be self-fulfilling if they’re based on wishful thinking.
On Tuesday the Dow Jones Industrial Average rose above 14,270. The stock market is basically back to where it was in 2000, while corporate earnings have doubled since then. Yet the real median wage is now 8 percent below what it was then and unemployment remains sky-high. Why is the stock market doing so well, while most Americans are doing so poorly? Here are four reasons.
For his part, Stephen Colbert doesn't see Naomi Wolf's point about Blackwater USA's recent shameful shenanigans in Iraq somehow heralding a fast-approaching era of fascism in America. Instead, the faux-pundit believes the trend is more toward "a bull market for shooting people" these days.
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